A 4.19-kilometer Panguil Bay Bridge amounting to P4.9 billion and will connect Tangub City, Misamis Occidental to the municipality of Tubod in Lanao del Norte in Northern Mindanao is now ready for construction.
The bridge project was formally signed yesterday between the Philippine government and the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF) amounting to P4.2 billion loan agreement.
According to the Department of Budget and Management (DBM), the P4.2 billion will be funded through loan proceeds, while the remaining P586 million coming from the national budget will be funded by the Philippine government.
DBM has issued the project’s Forward Obligational Authority (FOA), which gives an overview of the annual investment cost of the Panguil Bay Bridge project, particularly on KEXIM-EDCF and the Philippine government.
Read the full details here: The Panguil Bay Bridge project
The bridge project will likewise reduce travel time between Tangub and Tubod from the usual 2.5 hours to 7 minutes. – Jason E. /DBM